HEALTHEQUITY, INC. HQY
We are a leader and an innovator in providing technology-enabled services that empower consumers to make healthcare saving, spending, and investing decisions. We use our innovative technology to manage consumers' tax-advantaged health savings accounts ("HSAs") and other consumer-directed benefits ("CDBs") offered by employers, including flexible spending accounts and health reimbursement arrangements ("FSAs" and "HRAs"), and to administer Consolidated Omnibus Budget Reconciliation Act ("COBRA"), commuter and other benefits. As part of our services, we provide consumers with payment processing services, personalized benefit information, access to healthcare solutions through our marketplace, and investment advice to grow their tax-advantaged healthcare savings. We believe the shift to greater consumer responsibility for healthcare costs will require a significant portion of consumers under the age of 65 with private health insurance in the United States to use offerings such as ours.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.31B | $1.20B | $999.6M | $861.7M | $756.6M | $733.6M | $532.0M | $287.2M | $229.5M | $178.4M |
| Cost of revenue | $400.3M | $422.5M | $376.9M | $369.8M | $331.8M | $318.2M | $206.1M | $106.0M | $94.6M | $72.0M |
| Gross profit | $913.1M | $777.3M | $622.6M | $491.9M | $424.8M | $415.3M | $325.9M | $181.2M | $134.9M | $106.4M |
| R&D | $262.5M | $239.5M | $218.8M | $193.4M | $157.4M | $124.8M | $77.6M | $35.1M | $27.4M | $22.4M |
| SG&A | $119.9M | $132.3M | $103.7M | $97.5M | $85.4M | $84.5M | $60.6M | $33.0M | $25.1M | $20.2M |
| Total operating expenses | $590.7M | $614.9M | $504.9M | $482.9M | $449.0M | $381.3M | $248.9M | $103.5M | $80.5M | $65.1M |
| Operating income | $322.5M | $162.3M | $117.7M | $9.1M | -$24.2M | $34.0M | $77.0M | $77.7M | $54.4M | $41.2M |
| Interest expense | $57.1M | $60.6M | $55.5M | $48.4M | $36.6M | $34.9M | $24.8M | $270.0K | $274.0K | — |
| Pre-tax income | $277.4M | $116.0M | $75.0M | -$38.1M | -$66.7M | $4.1M | $43.2M | $75.8M | $52.2M | $40.1M |
| Income tax | $62.2M | $19.3M | $19.3M | $12.0M | $22.5M | $4.7M | $3.5M | $1.9M | $4.8M | $13.7M |
| Net income | $215.2M | $96.7M | $55.7M | -$26.1M | -$44.3M | $8.8M | $39.7M | $73.9M | $47.4M | $26.4M |
| EPS, basic | 2.50 | 1.11 | 0.65 | -0.31 | -0.53 | 0.12 | 0.59 | 1.20 | 0.79 | 0.45 |
| EPS, diluted | 2.46 | 1.09 | 0.64 | -0.31 | -0.53 | 0.12 | 0.58 | 1.17 | 0.77 | 0.44 |
| Shares, diluted (wtd. avg.) | $87.5M | $88.8M | $87.0M | $84.4M | $83.1M | $75.7M | $68.5M | $63.4M | $61.9M | $59.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $318.9M | $295.9M | $404.0M | $254.3M | $225.4M | $328.8M | $191.7M | $361.5M | $199.5M | $140.0M |
| Receivables | $123.7M | $118.0M | $104.9M | $96.8M | $87.4M | $72.8M | $70.9M | $25.7M | $21.6M | $17.0M |
| Inventory | — | — | — | — | — | — | — | — | $215.0K | $592.0K |
| Total current assets | $512.3M | $477.7M | $557.4M | $382.9M | $351.3M | $460.2M | $297.3M | $394.7M | $265.4M | $200.8M |
| Property, plant and equipment | $3.2M | $3.2M | $6.0M | $12.9M | $23.4M | $29.1M | $33.5M | $8.2M | $7.8M | $5.2M |
| Goodwill | $1.65B | $1.65B | $1.65B | $1.65B | $1.65B | $1.33B | $1.33B | $4.7M | $4.7M | $4.7M |
| Other intangibles | $1.10B | $1.20B | $835.9M | $936.4M | $973.1M | $767.0M | $783.3M | $79.7M | $83.6M | $65.0M |
| Total assets | $3.38B | $3.45B | $3.16B | $3.09B | $3.11B | $2.71B | $2.56B | $510.0M | $369.2M | $279.1M |
| Accounts payable | $12.2M | $14.4M | $12.0M | $13.9M | $27.5M | $1.6M | $4.0M | $3.5M | $2.4M | $3.2M |
| Short-term debt | $0 | $0 | $0 | $17.5M | $8.8M | $62.5M | $39.1M | $0 | — | — |
| Total current liabilities | $156.8M | $156.3M | $117.1M | $131.1M | $153.2M | $204.7M | $151.9M | $29.1M | $20.5M | $15.7M |
| Long-term debt | $957.4M | $1.06B | $875.0M | $907.8M | $922.1M | $924.2M | $1.18B | $0 | — | — |
| Total liabilities | $1.27B | $1.33B | $1.13B | $1.19B | $1.25B | $1.33B | $1.53B | $32.9M | $22.9M | $17.2M |
| Retained earnings | $195.9M | $209.3M | $205.6M | $149.9M | $176.1M | $220.3M | $211.5M | $171.8M | $85.3M | $30.0M |
| Total equity | $2.11B | $2.11B | $2.04B | $1.90B | $1.85B | $1.38B | $1.03B | $477.1M | $346.3M | $261.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $457.1M | $339.9M | $242.8M | $150.7M | $141.0M | $181.6M | $105.0M | $113.4M | $81.7M | $45.6M |
| Depreciation and amortisation | $154.7M | $162.5M | $153.1M | $161.2M | $137.2M | $115.9M | $55.4M | $18.2M | $16.0M | $13.2M |
| Stock-based compensation | $73.1M | $96.4M | $77.2M | $62.6M | $52.8M | $42.9M | $39.8M | $21.1M | $14.3M | $8.4M |
| Capital expenditure | $2.0M | $2.1M | $1.7M | $3.4M | $8.9M | $13.1M | $7.3M | $3.9M | $5.5M | $3.6M |
| Investing cash flow | -$47.1M | -$505.5M | -$46.1M | -$119.1M | -$639.2M | -$97.0M | -$1.74B | $25.7M | -$36.7M | -$13.1M |
| Financing cash flow | -$387.0M | $57.6M | -$47.0M | -$2.7M | $394.9M | $52.4M | $1.47B | $22.9M | $14.6M | $23.8M |
| Dividends paid | — | — | — | — | — | — | — | — | — | $0 |
| Buybacks | $299.3M | $121.5M | $0 | $0 | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001428336-26-000022.
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